Adecco completes share buyback programme of EUR 250 million and starts new share buyback programme of up to EUR 250 million
Zurich, Switzerland, November 13, 2014. Adecco Group, the global leader in HR solutions, announces that it has completed the EUR 250 million share buyback programme launched in September 2013. Adecco repurchased 4’490’373 of its shares (equal to 2.37% of the share capital at launch of the share buyback) via a second trading line on SIX Swiss Exchange. The average purchase price per share excluding commissions was CHF 67.64.
The 2015 Adecco General Shareholders Meeting will resolve on the reduction of share capital through cancellation of the remaining repurchased shares which were not cancelled by the General Shareholders Meeting 2014.
Further and as anticipated in Adecco’s Q3 2014 press release, Adecco launches today a new share buyback programme of up to EUR 250 million which shall be completed latest by November 10, 2017.
The new share buyback will also be executed on the existing second trading line on SIX Swiss Exchange. Repurchased shares will be cancelled after formal shareholder approval. Shares purchased on the second trading line are subject to the Swiss federal withholding tax of 35% on the difference between the buyback price of the Adecco share and its nominal value of CHF 1.00.